Covid-19

DO YOU KNOW: The Lagos State Internal Revenue Service has issued a public notice further extending the deadline of filing of annual tax returns for individual taxpayers including self- employed persons from the 1st to 30th of June 2020. This further extension as done by the Service is in line with the effort of the […]

Introduction It is no longer news that COVID-19 is going to change the way companies, Small and Medium businesses, individuals, and governments at all levels engage in business. Due to social distancing, a lot of reliance would be placed on the internet, as most business transactions would be conducted and concluded online, with little or no physical interaction between contracting parties. […]

The Honorable Minister of Finance, Budget and National Planning on 3rd February 2020 signed into law the Value Added Tax Act Modification Order 2020 (The Order). The Order contains a modification of the First Schedule of the Value Added Tax Act (VATA) containing the goods and services exempted from taxation under the VATA, extends the […]

With investors’ confidence in traditional markets waning in the wake of COVID-19, there is the question whether investments in virtual currencies would rise as an alternative. In Africa and Nigeria, the public awareness of virtual currency is certainly growing, but are the Nigerian regulators considering more oversight of the sector for investors’ protection? Nigeria Warns […]

Cybercrime, an unpredictable risk to all business is fast becoming rampant seeing that a lot of business now have online presence largely as a result of the COVID -19 global pandemic. Some common cybercrimes include malware, keylogging, phishing, hacking, bank/e-commerce fraud resulting in reputational damage or business interruption. In effect Cybercrime is no exempt of […]

The global debate in dealing with Covid-19 has been Lives vs Livelihood. As countries begin to ease lockdown restrictions and embrace external social distancing measures, the consensus is that lives and livelihood are not mutually exclusive in living with Covid-19. Governments globally have published rules the public and employers must adhere to in returning to […]

Green bonds encourage sustainability and support climate-related or other types of special environmental projects. The distinct characteristic of a green bond is that the proceeds are used exclusively to finance or re-finance environment-friendly projects, such as clean water and renewable energy. Green Bond Principles (GBP): In Nigeria, the National Green Bond Guidelines and Principles are issued by the […]

 The inability of companies to pay their debts may give rise to occasions of creditors exercising their statutory powers to declare the company insolvent and unable to pay debts. In some countries, due to the Covid-19 business constraints, companies unable to pay their debts are taking the first step in arranging their debts by applying for the courts to assist them in reaching […]

The world is discovering in the wake of the Covid-19 pandemic “the Pandemic” that investing in people’s social needs is mandatory for every economy. With nations’ healthcare systems being overwhelmed by the number of Covid-19 patients, it is certain that countries will prioritize investments in healthcare, as well as in availability of water and other […]

The COVID – 19 pandemic has made it necessary to work remotely using e-channels. This has resulted in transactions/contracts being executed using e-signatures, as businesses must go on. Many businesses are hesitant to embrace this option, but it is an option that is here to stay with business transactions. In Nigeria, Section 93 (2) and […]

It is fact that disputes have and will arise from COVID-19 “the Pandemic” interruptions to businesses in various sectors and countries. Many African businesses have contracts with foreign investors concerning financing, supplies, technical issues, and these contracts may have been suspended, terminated, varied, amicably or with arising issues. Resolving issues locally and in cross border […]

It is usual for parties to a contract to agree on the type of insurance to be obligatorily obtained by one of the parties and for businesses to obtain insurance for interruptions to their businesses. We discuss these below.  Force Majeure Insurance   Force majeure insurance provides coverage for financial losses arising out of the inability to bring a project to completion. The […]

Companies worldwide must file returns quarterly and annually. Sections 39 and 41 of the Nigerian Securities and Exchange Commission “SEC” Rules 2013 provide for the filing of annual and quarterly reports respectively. The Financial Reporting Council in Nigeria responsible for developing and publishing accounting and financial reporting standards to be observed in the preparation of financial statements of public entities in Nigeria approved the use of the International Financial Reporting standard […]

In some countries, Small and Medium Enterprises are using crowdfunding platforms to raise urgently needed finance for their business costs as a way out of COVID -19 financial constraints.   In Nigeria, the Securities and Exchange Commission (SEC) recently released a draft regulatory framework for crowdfunding “Draft Rules”. The Draft Rules is to the effect that funds can be raised through a public online platform to […]

As a result of the Covid-19 pandemic, several issues have arisen in relation to rights and options available to employers and employees in the workplace. These issues and options are herein considered in view of the Nigerian Labour Act but are subject to the terms of relevant employment agreements.  Option to lay off employees  Redundancy: Based on Section 20 of the Labour Act, an […]

Can a director of a company be personally liable for a company that proceeds to carry out transactions knowing it cannot pay its debts? What does the creditor need to prove to the Court to obtain judgment against the director to claim personal liability for the debt owed? Section 506(1) of Companies and Allied Matters […]

The Department of Petroleum Resources (DPR), pursuant to the Presidential directive of 29th March 2020 restricting movement in certain parts of Nigeria, has directed Oil and Gas Operators by its Circular dated 30th March 2020 to ensure strict compliance with the Presidential directives and limit the number of personnel at project/construction sites. This, according to the circular, is to ensure the safety and welfare […]

The National information Technology Development Agency (NITDA) has through its Director General Kashifu Inuwa, extended the date for filing of the Annual Data Protection Audit Report from 15th March of every year as provided under the Nigerian Data Protection Regulation to 15th May 2020.  All companies which control data of individuals are therefore urged to comply by engaging the services of a Data […]